Covid-19 Pandemic and the Nigerian Economy: Challenges and Prospects
Abstract
This paper holistically appraised the challenges of the novel Covid-19 outbreak on the Nigerian economy, especially as it affects the livelihood of the people. The Economic Determinism theory of Karl Marx on which this study was anchored, demonstrated the correlation between the economy and human existence and justified its claim that social relations and stability are determined by a society’s economic base- a condition that was adversely threatened by the outbreak of the covid-19 pandemic. This study relied on secondary sources of data for the procurement of relevant materials and also adopted content analysis as a method for data interpretation. This study, through relevant literature, revealed that the high spate of job disengagements, especially in the private sector of the economy and prolonged suspension of business activities, occasioned by the covid-19 lockdown policy had given rise to the excruciating economic hardship experienced by the majority of the Nigerian masses. Also, the study revealed that the government’s lack of responsiveness with regards to the provision of adequate welfare packages for the vulnerable masses had heightened the economic woes witnessed during the covid-19 era. In order to cushion the excruciating effect of Covid-19 on the economy, the study, therefore, recommended a comprehensive revamp of the Agricultural and Manufacturing sectors of the economy to arrest the current challenges of food security and employment generation. The study also advocated for a review of the social welfare policies of the government to make them more people-impacting. This study concluded by establishing that the current economic challenges brought about by the Covid-19 pandemic, can only be confronted through a far reaching administrative proactiveness and resilience by the government.
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